Property sales rise 22% during Jan-Sept

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Housing sales are having a dream run. Sales rose 22 per cent and new supply increased by 17 per cent year-on-year across eight major cities during the July-September period, real estate digital platform PropTiger.com said in a report.

PropTiger released its ‘Real Insight Residential – July-September 2023’ report on Thursday.

Sales of residential units increased to 1,01,220 units in the third quarter of the calendar year from 83,220 units in the same period last year across eight cities — Delhi-NCR, Mumbai Metropolitan Region (MMR), Chennai, Kolkata, Bengaluru, Hyderabad, Pune, and Ahmedabad.

Chennai was the only city which saw a decline, with MMR and Pune accounting for nearly half of the total volume. New project launches rose 17 per cent to 1,23,080 units from 1,04,820 units during the period under review. “The housing markets in the top eight cities continue to gain momentum. The strong demand is bolstered by positive consumer sentiment,” Vikas Wadhawan, Business Head of PropTiger.com, said.

He said the rise in sales to factors like pent-up demand, increased disposable income, stable interest rates, and renewed investor demand.

As per the data of July-September 2023 against the year-ago period, housing sales in Ahmedabad have risen 31 per cent to 10,300 units from 7,880 units.

Sales in Bengaluru have registered the maximum growth of 60 per cent to 12,590 units from 7,890 units. Delhi-NCR recorded sales growth of 44 per cent to 7,800 units from 5,430 units. Hyderabad has witnessed a 34 per cent growth in sales to 14,190 units from 10,570 units.

A 43 per cent growth in sales has been seen in Kolkata to 3,610 units from 2,530 units. Sales in Mumbai have witnessed only a modest 5 per cent increase to 30,300 units from 28,800 units because of a higher base. Sales in Pune have grown 18 per cent to 18,560 units from 15,700 units.

Chennai is the only market that registered a decline in sales with unit sales dropping by 12 per cent to 3,870 units from 4,420 units. (With inputs from PTI)